M&A · Healthcare · Services-Specialty Outpatient Facilities, NEC
Patient Square Capital to acquire Hanger, Inc.
Announced Jul 21, 2022 · Closed Oct 3, 2022
Deal value$1.25BEV $1.25B
Premium26.0%To unaffected price
EV / Adj. EBITDA10.9x1.1x EV / Revenue
ConsiderationAll cash$18.75 per share
Transaction
- Acquirer
- Patient Square Capital
- Target
- Hanger, Inc. (HNGR)
- Buyer type
- Private equity
- Offer price per share
- $18.75
- Enterprise value
- $1.25B
- Status
- Closed Oct 3, 2022
Deal protections
- Break fee (target pays)
- $23.0M · 1.8%
- Reverse fee (buyer pays)
- $45.0M · 3.6%
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities
Sector context · Healthcare
- Comparable deals
- 53 in the prior 24 months
- Premium
- 26.0% vs. 48.5% sector median
- EV / Adj. EBITDA
- 10.9x vs. 18.4x sector median
- Break fee
- 1.8% vs. 3.4% sector median
Timeline
- AnnouncedJul 21, 2022
- Proxy filedAug 5, 2022
- Definitive proxyAug 26, 2022
- Shareholder voteSep 30, 2022
- ClosedOct 3, 2022